Why Is Campbell Soup (CPB) Stock Soaring Today
Stock Story
Published Dec 06, 2023 15:21
Updated Dec 06, 2023 15:47
Why Is Campbell Soup (CPB) Stock Soaring Today
Stock Story -
What Happened: Shares of packaged food company Campbell Soup (NYSE:CPB) (NASDAQ:CPB) jumped 6.2% in the mid-day session after the company reported third quarter earnings with revenue in line with analysts' expectations. EPS came in ahead of expectations. Management expects some of its ongoing initiatives to fuel "sequential improvement over the course of the year, generating momentum in terms of revenue, volumes, market share and profit margins, particularly as we head into the second half of fiscal '24." It added that the business has achieved $895 million of total savings under its multi-year cost savings program and remains on track to deliver savings of $1 billion by the end of fiscal 2025.
These results are encouraging, especially in light of the challenges faced by retailers in the current earnings season. It's reassuring to note that management reiterated the full-year guidance across the board, with EPS slightly surpassing analysts' expectations. Additionally, it highlighted that the potential gains from the impending acquisition of Sovos Brands (expected to close in calendar year '24) are not factored into the current fiscal '24 outlook. Overall, it was a strong quarter for the company with multiple promising aspects.
Is now the time to buy Campbell Soup? Find out by reading the original article on StockStory .
What is the market telling us: Campbell Soup's shares are not very volatile than the market average and over the last year have had only 2 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Campbell Soup is down 23.1% since the beginning of the year, and at $43.25 per share it is trading 24.8% below its 52-week high of $57.55 from December 2022. Investors who bought $1,000 worth of Campbell Soup's shares 5 years ago would now be looking at an investment worth $1,131.
Get The App
Written By: Stock Story
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.